Things were definitely never dull in the BTC/USD, ETH/USD, and LTC/USD space as the bulls and the bears continue to fight it out to stake dominance. At the time of writing, the total global cryptocurrency market capitalisation (cap) stands at $1.73 trillion, as per data from Coin Market Cap.
BTC/USD (as of Mar 12, 2021, 12.10 p.m., GMT +8)
Source: Yahoo Finance
This week, the BTC/USD has diligently surged upwards and managed to move above $55,000. At the time of writing, the price is at $56,972.96 and it is trading below its 50-day Simple Moving Average (SMA). The Relative Strength Index (RSI) stands at 44, a mid-point level.
Presently, data from Coin Market Cap shows that Bitcoin holds 61.2% of the total cryptocurrency market cap.
Analyst John Isige from FX Street believes that the incoming flow of funds into Bitcoin is underway, following the U.S. stimulus cheques distribution and rising favour from institutional investors.
ETH/USD (as of Mar 12, 2021, 12.25 p.m., GMT +8)
Source: Yahoo Finance
The Ethereum bulls had a strong start to the week as they gained traction upwards. However, they faced soon faced resistance and at the time of writing, the price is at $1,839.50, and it has moved up above its 50-day SMA. Its current RSI stands at 60, after having dropped from 76.
At present, data from Coin Market Cap shows that Ethereum is holding 12% of the total cryptocurrency market cap.
Meanwhile, in the Ethereum space, the Berlin upgrade has been slated for April 14, a much-awaited release of the timeline. It was originally planned for June or July 2020 but unfortunately had to be delayed due to centralisation concerns.
LTC/USD (as of Mar 12, 2021, 12.25 p.m., GMT +8)
Source: Yahoo Finance
After overcoming a momentary hurdle at the start of the week, the LTC/USD bulls managed to power upwards to reach $207.26. However, it experienced some challenges thereafter and a degree of volatility was spotted in the price movements.
At the time of writing, LTC/USD stands at $199.83, and it is currently trading below its 50-day SMA. The RSI is moving downwards to an oversold condition and is presently at 39.
Litecoin holds a total market cap of $13.8 billion out of the overall market cap, as per data from Coin Market Cap.
CONCLUSION
The cause of the bulls for these cryptocurrencies continue to be challenged, but a key achievement stems from the Bitcoin bulls who managed to rise above $55,000 this week.
With the $1.9 trillion stimulus package officially signed into law by President Biden, it is indeed a key pivotal moment in the U.S. economy, and to a certain degree, the global economy. Therefore, the bulls must ride the coming days well to chart the course for the future.
FOLLOWME BTC/USD Overall User Sentiment (as of Mar 12, 2021 at 12.20 p.m.)
Short – 79.75%
Long – 20.25%
BTC/USD (as of Mar 12, 2021, 12.20 p.m., GMT +8) - $56,972.96
ETH/USD (as of Mar 12, 2021, 12.25 p.m., GMT +8) - $ 1,839.50
LTC/USD (as of Mar 12, 2021, 12.25 p.m., GMT +8) - $199.83
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